Askinuk Corp. v. Lower Yukon School District

OPINION

EASTAUGH, Justice.

I. INTRODUCTION

After the Lower Yukon School District leased twenty acres from Askinuk Corporation on which to build a school in Seammon Bay, Askinuk sued the school district to reform or invalidate the lease. The lease specified a lease rate of one dollar per year, subject to renegotiation after ten years. It also provided that if the parties could not reach mutual agreement upon renegotiation, the original payment rate would remain in effect until agreement could be reached. Askinuk claimed that it never assented to the lease's payment and renegotiation provisions;…